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[njac]

I think it was 19% per turbo tax? But I've got zero kids and don't own any real estate.


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[MatCauthon]

What deductions are you guys using? Seems like I don't really get many other than state income tax deduction. I try to max my money in my 403b so that I am eligible for the student loan interest deduction.

 

[njac]

Max out 403b and FSA. I make too much to deduct any student loan interest.

I go to lots of conferences that my work doesn't pay for - can write those off as well as scrubs, new lab coat, ACCP membership, PSAP chapters.

I also give a fair amount to charities of my choice - every time I see a planned parenthood protestor I drop in and give them $50 or $100. I'm a member of my local NPR station - that's $100/mo (minus the gifts they send back), ditto for the city philharmonic - $500/yr gets me in to any rehearsal I want to see for free.

It adds up.


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[PharmDBro2017]

In for advice on how to get more tax deductions, I need to learn about it.

 

[MatCauthon]

Max out 403b and FSA. I make too much to deduct any student loan interest.

I go to lots of conferences that my work doesn't pay for - can write those off as well as scrubs, new lab coat, ACCP membership, PSAP chapters.

I also give a fair amount to charities of my choice - every time I see a planned parenthood protestor I drop in and give them $50 or $100. I'm a member of my local NPR station - that's $100/mo (minus the gifts they send back), ditto for the city philharmonic - $500/yr gets me in to any rehearsal I want to see for free.

It adds up.


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We can write off work-related educational expenses and supplies? What is the deduction? Would our license fees fall in this category? How do I write off conferences? This I REALLY need to figure out.

 

[DesiRX]

tax as % of income - 21.78%
tax bracket - 28%

married filing jointly


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[njac]

We can write off work-related educational expenses and supplies? What is the deduction? Would our license fees fall in this category? How do I write off conferences? This I REALLY need to figure out.

Licenses don't count because they're required to work. But maintenance of certifications do.

I think it has to come out to >2% AGI. Obviously you can't write it off if your work pays for it - my community hospital provides zero for education.

My coresidents and I use this as a way to see each other at least once a year. SCCM was in Orlando in February. Bingo.

I don't advise it for everyone - sucks to use PTO to go do nerd stuff, but I'm a nerd and make it work.


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[MatCauthon]

Licenses don't count because they're required to work. But maintenance of certifications do.

I think it has to come out to >2% AGI. Obviously you can't write it off if your work pays for it - my community hospital provides zero for education.

My coresidents and I use this as a way to see each other at least once a year. SCCM was in Orlando in February. Bingo.

I don't advise it for everyone - sucks to use PTO to go do nerd stuff, but I'm a nerd and make it work.


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Can you write off the travel required as well or just the CEs? This is a huge help because I love going to seminars.

 

[confettiflyer]

Start a sole proprietorship small business and file IRS form 5213....incur massive business loses in years 1-3 and break even/minimal profit below the SE cutoff in years 4-5.


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[BMBiology]

Start a sole proprietorship small business and file IRS form 5213....incur massive business loses in years 1-3 and break even/minimal profit below the SE cutoff in years 4-5.


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You are going to loss $1 to save a quarter?


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[confettiflyer]

You are going to loss $1 to save a quarter?


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Only someone stupid would do that...no you buy things you were probably already going to buy anyway, as long as you're willing to stretch and be creative.

Or buy something with high residual value, take a section 179 deduction, then resell it after you fail out your business.


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[BMBiology]

Only someone stupid would do that...no you buy things you were probably already going to buy anyway, as long as you're willing to stretch and be creative.

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Tax fraud. You can kiss your pharmacist license good bye.


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[Momus]

Tax fraud. You can kiss your pharmacist license good bye.


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Actually, a lot of people do it for business deduction. You can always claim >50% use for business, computer, cell phone, tablets, equipment. No one will bat an eye as long the deduction is reasonable.

IRS comes at you if you are way above average on your deduction vs. US average. Red flag on their software. Or, you win the IRS 0.5-1% lottery.

If you are qualified to take the deduction anyway, even if you have 5x the normal avg deduction, put it in. Say avg charitable contribution 3% of gross in the US, if you are extra generous last year and contribute 15%, put that in. There is no need to be afraid.

 

[njac]

Can you write off the travel required as well or just the CEs? This is a huge help because I love going to seminars.

I write off the flight, hotel, registration.


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[pezdispenser]

$35k tax with an AGI of $171k = 20.4%.

Honestly, I think tax rates are reasonable. I didn't even do any fancy deductions or anything. I just used the standard deduction because I have no state income taxes, no mortgage interest, and property taxes weren't enough to exceed the standard deduction.

 

[confettiflyer]

Tax fraud. You can kiss your pharmacist license good bye.


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Lol, if you can invent a device that can read intentions, you'd be a very rich man.

But until then, it's called "strategic tax planning." Haha.

Besides, most tax audits result in simple claw backs of deductions and back taxes/interest anyway.. Using your business MacBook to look at porno isn't going to constitute tax fraud.


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[ldiot]

These tax rates seem really low... I guess they don't include SS/Medicare which is ~6.5% and state income taxes but still... I have been preparing to pay 35-40% in total when I graduate

 

[rickyroxy]

12.32% on $142,000 AGI. 2 kids, mortgage interest, property tax $11,000.

 

[njac]

These tax rates seem really low... I guess they don't include SS/Medicare which is ~6.5% and state income taxes but still... I have been preparing to pay 35-40% in total when I graduate

My last paycheck, my net was 51% of my gross income for that pay period. Only 34.4% of that was taxes (federal, state, social security, state disability)

But between Aflac, insurance, FSA, 403b it all adds up.


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